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2004-05-07

In 1998, Holmen issued a convertible debenture loan and warrants to employees at market prices. The convertibles were converted into Holmen Series "B" shares and the warrant-holders subscribed to Series "B" shares during the first quarter of 2004.

In accordance with the respective agreements, the conversion and subscription conditions were adjusted on the basis of the average listed share price during the period 31 March to 6 May 2004 in order to compensate the holders for the extra dividend paid out in 2004.

The adjustment means that the convertible debenture loan is converted to shares at the rate SEK 99.10 and the warrants to 1.77 shares per warrant at the rate SEK 99.10. In total slightly less than 4.8 million new shares of Series "B" have been issued as a consequence of the conversion and subscription.

The definitive registration of shares will be done by PRV (the Swedish Patent and Registration Office) during May. In relation to that VPC (the Swedish Central Securities Depository & Clearing Organization) will register the new number of shares at each respective holder.



The Holmen Group

Holmen is a forest industry group that manufactures printing paper, paperboard and sawn timber and runs forestry and energy production operations. The company’s extensive forest holdings and its high proportion of energy production are strategically important resources for its future growth.

Holmen AB

Tel: 08-666 21 00

E-post: info@holmen.com

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